Does iXledger depend on Bitcoin? According to the correlation analysis, BTC and IXT have no or negligible relationship. The correlation coefficient of their values is -0.04, which was calculated based on the previous 100-days' price fluctuations of both cryptocurrencies.
This coefficient may change from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.
The negative coefficient tells that the prices of the currencies are going in the reversed trend while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and iXledger connection is positively strong, it means that when BTC is growing IXT will rise as well. The negative strong relation will point that when BTC is growing IXT price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over iXledger. If we take all the things affecting the price of IXT as 100%, then the share of BTC price among these factors will be 0.16%. The other part which is 99.84% covers all the other factors, such as media, events or crypto related laws.